Paper.id Gets Series A Funding from Golden Gate Ventures and Modalku

Paper.id as a SaaS developer startup for billing or invoices, today (29/10) announced the acquisition of series A funding. The details of the value are not stated, but it is said to reach tens of billions of Rupiah. This new investment fund was obtained from the company fintech Modalku and Golden Gate Ventures.

Previously, Golden Gate Ventures also provided initial funding for Paper.id in early 2018. With the fresh funds obtained, startups will maximize product development with a focus on helping millions of SMEs in Indonesia who are still untouched by digital services.

One of the newly released features is Paper Finance Solution. Cooperate with service p2p loans Modalku, this feature bridges SMEs with financial institutions providing capital. Despite having a strategic partnership with Modalku, Paper.id admits that it will expand its cooperation with more people p2p loans and other financial institutions, including banks.

"This Paper Finance Solution will be game changer in order to improve the competitiveness of SMEs in Indonesia and abroad. We open access to funding for SMEs just when they need it based on transaction history data; and on the other hand assisting financial institutions in validating and monitoring SME businesses so that funding is appropriate," said Jeremy Limman, Co-Founder & CEO of Paper.id.

Since its launch in late 2016 by Jeremy Limman and Yosia Sugialam (CTO), Paper.id has now been used by approximately 100 thousand business actors, with a total of invoice managed to reach around 800 thousand transactions.

"We see that there is a common vision between Modalku and Paper.id, we want to support SMEs to grow, one way is by having a smooth cash flow. The business model of Paper.id is also in line with one of Modalku's products related to the use of invoice as the main document for entrepreneurs in applying for loans. Through this collaboration, we hope to reach more SMEs with the potential to gain access to funding without the need for collateral," said Modalku Co-Founder & COO Iwan Kurniawan.